The yield on the 10-year yield briefly touched 2.885 percent overnight Monday, its highest level since Jan. 16, 2014 when the 10-year yielded as high as 2.893 percent. It first hit a four-year high on Friday.

At the latest reading, 10-year Treasury note fell 19 basis points from its overnight high to 2.702 percent at 4:23 p.m. ET, while the yield on the 30-year Treasury bond fell 14 basis points to 2.996 percent. Bond yields move inversely to prices.

The Labor Department reported that the U.S. economy had added 200,000 jobs in January, beating a Reuters economists' poll of 180,000. The government also said that wages rose 2.9 percent on an annualized basis, sending interest rates upward as inflation fears brewed.